オーロラ・モバイル（JG）2026年第2四半期決算説明会：売上高が1億人民元を突破

主要なハイライト

• 2026年第2四半期の売上高は前年同期比13%増の1億120万人民元となり、オーロラ・モバイル（Aurora Mobile）の歴史において通算3度目となる1億人民元突破を果たしました。
• デベロッパー・サービス売上高は前年同期比24%増の7,990万人民元と過去最高を記録しました。デベロッパー向けサブスクリプション売上高は32%増の7,070万人民元に増加しました。
• EngageLabのARR（年間経常収益）は2026年6月に前年同期比170%増の1,460万ドルと過去最高に達しました。四半期のEngageLab売上高は186%急増し、2,750万人民元となりました。
• 売上総利益は16%増の6,920万人民元となり、売上総利益率は前年同期から197ベーシスポイント改善しました。
• オーロラ・モバイルは米国会計基準（U.S. GAAP）に基づく純利益で5四半期連続の黒字を計上し、2,330万人民元の営業キャッシュインフローを創出しました。
• 経営陣はEngageLabの成長に触れつつ、継続的なコスト管理を強調し、2026年残りの期間についても慎重ながら楽観的な見方を維持しました。

主要財務データ

事業および経営実績

デベロッパー・サービスは引き続きオーロラ・モバイルの主要な成長エンジンとなりました。過去最高を記録したサブスクリプション売上高は、顧客数と顧客単価（ARPU）の双方の増加を反映しています。中核であるデベロッパー向けサブスクリプション事業の過去12ヶ月間（2026年6月期）におけるドルベース売上継続率（NDR）は過去最高の106%に達し、既存顧客による利用拡大ならびにアップセルおよびクロスセルの成功を示しています。

EngageLabは国際展開を継続しました。6月30日時点で顧客基盤は2,100社を超え、累計契約金額は2億人民元を突破しました。第2四半期中に同社は2,740万人民元を超える新規契約を獲得しました。

オーロラ・モバイルはまた、ユーザー登録、ログイン、高リスク取引の検証、およびマーケティング不正防止向けのパスワードレス認証製品「Silent Auth」を立ち上げました。経営陣によると、同製品はEngageLabを従来のメッセージング機能を超えて拡張するものであり、既存の法人顧客からの認証収益の追加につながる可能性があります。

GPTBots.aiは、グラフ拡張ナレッジベース、14のコミュニケーションチャネルにわたるワークフロー自動化、およびエンタープライズガバナンス機能を網羅する本番運用向けのアップグレードを実施しました。経営陣は、これらの機能が海外販売、規制産業におけるユースケース、および大規模なAIエージェントの導入を支援することを目的としていると説明しました。

Modellixは、統合の複雑さを軽減し、マルチモデル機能をGPTBots.aiと連携させる統合型AIモデルゲートウェイとして説明されました。

バーティカル・アプリケーション事業は引き続き圧迫されました。金融リスク管理の売上高は前年同期比17%減少したものの、前四半期比では概ね横ばいとなりました。マーケット・インテリジェンスの売上高は、中国アプリデータに対する需要低迷が続いたことから、前年同期比12%減、前四半期比11%減となりました。

経営陣の見通し（ガイダンス）

経営陣は、オーロラ・モバイルが2026年の残りの期間についても慎重ながら楽観的な見方を維持しており、通期目標の達成に向けて順調に進展していると考えていると述べました。なお、具体的な売上高や利益の数値見通しは開示されませんでした。

同社は、厳格なコスト管理を維持する一方で、持続的な成長を支援するための優先度の高い取り組み、特にEngageLabのグローバル展開やエンタープライズ向けAI製品に厳選して投資する計画です。

リスクと注目点

• 経営陣は金融リスク管理事業の営業環境が困難であると説明し、市場参入（Go-to-Market）戦略等の調整を行っていると述べました。
• マーケット・インテリジェンス事業は、引き続き中国アプリデータに対する低調な需要に直面しています。
• ドルベース売上継続率は、顧客固有の更新動向により四半期ごとに変動する可能性があります。
• 海外展開により販売・マーケティング費用が増加した一方、人員増加や技術サービス料の上昇により研究開発費が押し上げられました。

アナリスト質疑応答のハイライト

2026年第3四半期および第4四半期の見通しについての質問に対し、経営陣は売上高1億人民元超の達成、5四半期連続となるGAAP基準での黒字化、およびプラスの営業キャッシュフローの組み合わせを強調しました。慎重ながら楽観的な姿勢を改めて示しましたが、具体的な予測の提示は見送りました。

Silent Auth、Modellix、およびGPTBots.aiに関する質問に対し、経営陣はこれらの製品が無関係な新規事業ではなく、オーロラ・モバイルの既存の顧客エンゲージメントおよびAIプラットフォームの拡張機能であると回答しました。同社は、既存のグローバルな営業基盤、コンプライアンス、およびインフラを活用することで、顧客の定着率を高め、契約金額の向上を支援し、新たな収益源を創出できると見込んでいます。

オーロラ・モバイルはまた、2026年第2四半期中に44,000単位のADS（米国預託株式）の買戻しを実施し、同プログラムに基づく累計買戻し実績は485,000 ADSとなったと報告しました。

業績説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Christian Arnell

Thank you. Hello, everyone, and thank you for joining us today. Aurora Mobile's earnings release was distributed earlier today and is available on its IR website at ir.aurora-mobile.com. On the call today are Mr. WeiDong Luo, Chairman and Chief Executive Officer; Mr. Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager. Following their prepared remarks, they will be available to answer your questions during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements are based upon management's current expectations and current market and operating conditions, which are difficult to predict and may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties and factors are included in the company's filings with the U.S. SEC. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. With that, I'd now like to turn the conference call over to Mr. Luo. Please go ahead.

Weidong Luo

Thanks, Christian.

Hi, everyone. Welcome to Aurora Mobile's 2026 Second Quarter Earnings Call. Before I comment on our Q2 results, I would like to remind everyone that we have uploaded the quarterly earnings deck on our IR website. You may refer to the deck as we proceed with the call today. As we've done in the past, the suitable description that I will give to the second quarter of 2026 is our RMB 100 million revenue quarter. The reason for this narrative is obvious. Our achievements in the second quarter of 2026 are as follows. Firstly, for the third time in our history, we recorded SaaS business revenue in excess of RMB 100 million in a single quarter. This was fueled by the highest developer service revenue in history of RMB 79.9 million in this quarter.

Secondly, our global flagship product, EngageLabs, has its best quarter yet. The EngageLabs ARR for June 2026 has scaled to a record high of $14.6 million, representing 170% year-over-year growth. Thirdly, gross profit grew by 16% year-over-year. Gross margin improved by 197 basis points between the years. Having top line growth alone is not enough. In this quarter, we delivered the fifth consecutive quarters of U.S. GAAP net profit. Last but not least, operationally, we brought a net cash inflow of RMB 23.3 million this quarter. This marks a strong second quarter performance hitting on our Q1 results in May. Taken together, the first 2 quarters of 2026 validate our robust growth momentum, and we remain on track to deliver against our targets for highly promising full year 2026.

Let me now share more on the business aspects. RMB 100 million revenue a quarter. Yes, we made it again. This milestone came 1 quarter earlier than what we previously anticipated. We are very pleased with this early pleasant surprise. Our total Q2 group revenue reached RMB 101.2 million, representing a strong 13% year-over-year growth. This RMB 100 million of quarter revenue is a very important milestone for us. It signifies a few key messages that I think are important that I share with you all today. Firstly, the RMB 100 million quarterly revenue milestone marks a landmark validation of Aurora Mobile's pure SaaS strategic transformation forming a durable larger revenue foundation. Secondly, top line expansion is anchored by high-margin recurring developer subscription revenue supported by solid customer retention and rising enterprise demand.

Thirdly, dual growth engines, domestic developer ecosystem and fast-growing global EngageLab business jointly drive scalable cross-market revenue expansion. Fourthly, greater revenue scale improves operating leverage, underpinning our consistent profitability trend and long-term path of sustainable shareholder returns. In this quarter, Developer Services recorded a great 24% revenue growth year-over-year, but Vertical Applications revenue decreased 16% year-over-year. Developer services revenues, which consists of subscription service and value-added services, delivered excellent performance in this quarter. Our core business, developer subscription services delivered another historic high quarterly revenue number of RMB 70.7 million, representing growth of 32% year-over-year and 9% quarter-over-quarter.

The year-over-year and quarter-over-quarter revenue growth was mainly driven by increases in both customer number and ARPU. In short, the momentum of this business is very strong, and I do have high hope of the continued growth in many more quarters to come. Now let's move on to the update on our global flagship product, EngageLabs. EngageLabs being the jewel of Aurora Mobile's growth engine has again brought in excellent numbers every quarter since its launch. In this quarter, the highlights include Firstly, EngageLab recorded another quarter of tremendous growth where the ARR reached a new milestone of $14.6 million as of June 2026.

This represents a 170% year-over-year growth. Secondly, EngageLab broke another record where the cumulative signed contract value has exceeded RMB 200 million by the end of Q2 of 2026. This speaks volume in terms of the market acceptance and total addressable market for these products. For sure, we are very pleased with this achievement. Nevertheless, we will continue to work hard and smart to conquer more markets and winning more contracts. In Q2 alone, we [indiscernible] more than RMB 27.4 million worth of new contracts. Thirdly, more and more new global customers are being converted and switched to EngageLab. The EngageLab customer number has exceeded 2,100 as of the 30th of June 2026.

The expansion of EngageLab across the globe has been very successful. Fourthly, the recognized revenue for EngageLab in Q2 of 2026 reached RMB 27.5 million, representing an outstanding 186% growth year-over-year. Also, in this quarter, there was a new addition to the EngageLab family, where we officially launched Silent Auth, an advanced password-less authentication solution designed to complement existing SMS OTP services and elevate identity verification for the global market. Silent Auth provides a more dependable approach to phone-based authentication across 3 key use cases, namely: firstly, faster registration and login; secondly, secure verification for high-risk operations; and thirdly, marketing fraud prevention.

We view the launch of Silent Auth not only enriches EngageLab's omnichannel customer engagement portfolio, but also reinforces Aurora Mobile's commitment to providing global enterprises with stable, efficient and intelligent solutions. Going forward, it is my goal that EngageLab will continue to leverage advanced technology to help businesses build stronger, trust-based customer relationships and accelerate global growth. Within subscription revenue, some of the notable wins in this quarter include but are not limited to, Bank of China, Hong Kong, CXMT, Mingshun Zhenzhen [indiscernible]. Value-added services revenues were RMB 9.2 million, up 36% quarter-over-quarter but down 15% year-over-year.

The quarter-over-quarter spike was mainly attributable to the traditional quarterly online shopping of [indiscernible] in Q2. I think it is also time for me to provide an update on the progress and updates we have on our enterprise AI agent platform, GPTbots.ai. Recently, we released a major production grade upgrade to GPTbots.ai, tackling the key industry limitations, whereby conventional AI agents only support conversations and demos like business system integration and end-to-end task execution. The upgrade centers on 3 pillars: a graph enhanced knowledge base for context-aware business analysis, autonomous workflow automation across 14 communication channels via agent collaboration. and robust enterprise governance with audit trails, onetime safeguard and mandatory human validation for live deployment.

This product advancement supports GPT global expansion through the following: Firstly, transform the platform into a production-ready solution to improve overseas sales conversion. Secondly, native compatibility with global channels, including WhatsApp, Flex and Teams expand market reach across North America, Europe and Southeast Asia. Thirdly, strengthen governance satisfies international data compliance requirements, enabling deals with multinationals and regulated sectors. Fourthly, optimized knowledge processing reduces customization and onboarding costs for global clients and improves project gross margin. We believe the upgrade puts Aurora Mobile in a strong position to capture market share as enterprises worldwide transition from AI testing to large-scale deployment of agent AI.

As you can see, besides growing the business globally, we have been busy on the R&D front. Our team has not taken our eyes off the need to continue to upgrade and create new products and services to supplement our entire suite of service to our customers. This is important because we will not rest on our laurels amidst our achievements to date. We must remain attuned to the latest developments across global markets and implement necessary product upgrades, adjustments and innovations as circumstances demand. Only by doing so can we stay relevant and meet the evolving needs of our global customer base. Collectively, these efforts form critical building blocks to sustain ongoing revenue growth and advance our path towards improved profitability. Now let me pass the call over to Shan-Nen, who will take you through the metrics on vertical applications and financial performance for this quarter.

Shan-Nen Bong

Vertical application that includes Financial Risk Management and Market Intelligence. Overall, Vertical Application revenue decreased year-over-year and quarter-over-quarter. Within Vertical Application, Financial Risk Management revenue decreased 17% year-over-year and pretty much remained flat quarter-over-quarter. We are still operating in a tough business environment, and we are making the necessary adjustment on go-to-market and various strategies. The customers that we signed up or renewed in Q2 include, but not limited to, Pufahang, Ping An Xxin, Yitonghang and many more licensed credit for financial institutions throughout China.

Market Intelligence revenue decreased 11% quarter-over-quarter and 12% year-over-year due to the continued weak market demand for Chinese APP data. And this result is in line with our expectation. Coming to the other P&L items. Our gross profit recorded another strong Q2 quarter with 16% year-over-year growth to RMB 69.2 million. Our gross margin has also recorded significant improvement by 197 basis points year-over-year. This improvement reflects better product mix and tighter operating control discipline. Higher gross profit gives us greater flexibility to invest in growth while absorbing external cost pressure. Most importantly, it proves that we can convert business scale into sustainable profit generation, which is critical to driving shareholders' return over time.

On net profit, following the great momentum we had in Q1 of 2026, we recorded yet another GAAP net profit quarter, making it fifth consecutive quarter of GAAP net profit. We are very pleased with how this quarter has played out financially from top line growth to bottom line profitability. On to operating expenses. Q2 OpEx was at RMB 67.6 million, up 2% quarter-over-quarter and up 11% year-over-year. The OpEx is within our forecast, and we are happy at the level where they are. I'll now dive deeper into the individual OpEx category. R&D expenses increased by 13% year-over-year to RMB 29.3 million, mainly due to the higher staff costs and associated expenses. Technical service fees also contributed to the year-over-year increase. Selling and marketing expenses increased by 25% year-over-year to RMB 28.3 million, mainly due to the higher staff costs driven by overseas business expansion.

G&A expenses decreased by 18% year-over-year to RMB 10 million, mainly due to the decrease in bad debt provision resulting from improved collection efficiency. Besides, there was no loss on disposal on property and equipment in Q2 of 2026, while such loss was incurred in the same quarter last year. Next, I'll share 4 other very important KPIs that we closely monitor. Our net dollar retention rate, a commonly used KPI for SaaS company stood at 106% for our core developer subscription business for the trailing 12-month period ended June 2026. This is the highest NDR number that we have recorded to date. This is an important signal of existing customer health. This record NDR speaks to strong product stickiness, expanded usage from our installed base and the success upsell and cross-selling activity within our customer -- within our current clients.

While NDR can fluctuate quarter-over-quarter, given customer-specific renewal dynamics, but we are very encouraged by this peak result, and we are focused on sustaining healthy retention trends ahead. Secondly, another financial KPI for tracking the performance of SaaS company is total deferred revenue. This represents cash collected in advance from customers for future contract performance and it stood at RMB 181.9 million as of June 30, 2026. This is also a historic high balance. This balance acts as a high-quality leading indicator. It gives us good visibility into the near-term revenue stream and strengthen our operating cash flow profile by bringing cash collection forward relative to the income statement recognition.

Thirdly, we continue to maintain a healthy level of AR turnover days of 37. These low AR turnover days ensure we have great cash liquidity while mitigating the risk of bad and doubtful debt. And on to cash flow, another important financial KPI for us to manage the business. For the quarter ended June 30, 2026, we recorded net operating cash inflow of RMB 23.3 million. Having operating net cash inflow is very important as it validates our earnings quality and gives investors and shareholders greater confidence in the sustainability of the reported profit.

And let's now recap on Chris' comment on our RMB 100 million quarter revenue quarter. In the second quarter of 2026, we achieved another quarter of GAAP net profit in 2026. This marks our fifth consecutive quarters of net profit, a great trend for healthy, profitable and sustainable business. Two, our core developer subscription business has outgone itself again by recording another historical high of RMB 70.7 million revenue in this quarter. The jewel of Aurora Mobile, EngageLab continues to scale rapidly across the globe. Our EngageLab business exceeded its past record in this quarter.

The ARR in June 2026 reached USD 14.6 million. This represents a stunning 170% year-over-year growth. Fourth, our gross margin grew by 197 basis points year-over-year and gross profit grew by 16% year-over-year. Five, our net dollar retention for core developer service stood strongly at 106%, another historic high. Number six, equally important was the net cash inflow that I mentioned of RMB 23.3 million we brought in from operating activities.

As I have alluded in the last quarter's earnings call, Q1 numbers we have recorded paved the way for a great financial year of 2026. And this momentum we built in Q2 of 2026 was truly phenomenal. The quarterly operating and financial results that Chris and I shared during the call today reflect the considerable strength across our business. We will continue to executing against our established strategic priorities. As we deliver on our execution road map, we are confident these operational wins will translate into sustained improvement in our financial statement. Lastly, before I conclude, I'll give a quick update on the share repurchase plan.

In the quarter ended June 30, 2026, we repurchased 44,000 ADS. Cumulatively, we have repurchased a total of 485,000 ADS since the start of our repurchase program. And this concludes our prepared remarks. We are happy to take your questions now. Operator, please proceed.[ id="-1" name="Operator" />

[Operator Instructions]

And the first question comes from Calvin Wong with Ser Capital.

質疑応答

Calvin Wong

Based on the numbers released today, we note that you have a very, very strong Q2 quarter. So can I get the management to shed some light on the Q2 quarter and perhaps maybe some hints on how Q3 and Q4 will be for 2026?

Shan-Nen Bong

Calvin, thanks for your question. Let me take your question today. Yes, you're right. The Q2 numbers that we just had was a good quarter for us. If I may take a few minutes or just probably just 1 minute to summarize here, the 3 key highlights for Q2 of 2026 would be: number one, our quarterly revenue exceeded RMB 100 million mark.

Number two, we recorded the fifth consecutive quarters of U.S. GAAP profit. And number three, operating activities brought in net cash inflow of RMB 23.3 million. And hitting all these 3 milestones in 1 quarter is significant. It reflects a thriving business where revenue is at a high level. We are delivering GAAP profitability while we also generate net cash inflow, which is very important. And Chris and I are very pleased with how this quarter has unfolded. As we look into the rest of 2026, our stance remains cautiously optimistic. We are encouraged by the business growth trajectory with the global EngageLab business delivering standout momentum. Meanwhile, we will continue to exercise strict cost discipline. Even so, we will still allocate resources selectively to high-priority initiatives that we believe are critical to driving durable and long-term sustainable growth. I hope this answers your question, Calvin.

[ id="-1" name="Operator" />

And our next question is going to come from Jack Sun with Gelonghui Research.

Jack Sun

I'm Jack from Gelonghui Research. I noticed from the press release by the company and the commentary made by Chris during the call, we are launching various new services such as Silent Auth and Modellix together with some upgrades to GPTBots. My question is, are they necessary? And how do they benefit the company as a whole?

Weidong Luo

Jack, good to hear from you. Let me take this question. Those services and upgrades that you mentioned are purpose built upgrades built upon our existing customers' engagement and AI platforms. They are not disconnected new ventures.

And this is an important differentiator when compared to others in the space. We are not building all these new tools or services just to follow the flavor of demand trend. Instead, every single new capability ties back to our core business. I think, for example, Silent Auth they expand EngageLab value proposition beyond traditional messaging. It reduces user lock-in drop-off. It strengthens the fraud defense and give us high-value authentication revenue from our existing global enterprise clients.

And for Modellix that you mentioned also, it addresses the fragmentation enterprise space juggling different AI model vendors. It acts as our unified AI model gateway, cutting integration overheads for customers and it simplifies billing and operation and feeding model by multimodel capability directly into the GPTBots to make our AI agent more powerful for end user. And just to share, even our own internal IR team, we use Modellix to prepare the Q2 ER deck that we uploaded to the IR website today. It's simply because Modellix has so many different large language models that we can pick and choose from within one single platform. There's no need to switch between different large language model accounts for different companies. It is also very easy to use. So I will sincerely encourage everyone on this call to try out Modellix too. As for our GPTBot platform upgrades, it advances our enterprise AI agent offering. It expands multi-agent orchestration, multimodel workflow and no-code tooling. And this drives upsell among our large existing customer base and attract new clients seeking production-ready AI automation and not just AI prototypes.

So if I may summarize, collectively, I believe these upgrades or new products that you mentioned, they reinforce our integrated platform strategy where deeper stickiness within our current account. It helps higher our average contract value and also this represent a new venture, new revenue stream while leveraging our existing global sales, compliance and infrastructure footprint. I hope this answers your question.

Jack?

Jack Sun

Yes, that's very clear.

Operator, I have no more questions.

[ id="-1" name="Operator" />

[Operator instructions]

I am showing no further questions at this time. I will now turn the call back over to Christian for closing remarks.

Christian Arnell

Thank you, everyone, for joining the call tonight. If you have any further questions or comments, please don't hesitate to reach out to the IR team. This concludes the call. Have a good evening. Thank you very much.

[ id="-1" name="Operator" />

Thank you. This does conclude today's conference call. Thank you for participating, and you may now disconnect.